FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

The following table summarizes the valuation of UNL’s securities at June 30, 2015 using the fair value hierarchy:

At June 30, 2015	Total		Level I		Level II		Level III
Short-Term Investments	$	9,510,691	$	9,510,691	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(1,161,481)		(1,161,481)		—		—

During the six months ended June 30, 2015, there were no transfers between Level I and Level II.

The following table summarizes the valuation of UNL’s securities at December 31, 2014 using the fair value hierarchy:

At December 31, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	12,510,147	$	12,510,147	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(4,919,890)		(4,919,890)		—		—

During the year ended December 31, 2014, there were no transfers between Level I and Level II.

Fair Value of Derivative Instruments

	Condensed
Derivatives not Accounted for	Statements of Financial	Fair Value		Fair Value
as Hedging Instruments	Condition Location	At June 30, 2015		At December 31, 2014
Futures - Commodity Contracts	Assets	$	(1,161,481)	$	(4,919,890)

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the six months ended

June 30, 2015

June 30, 2014

Change in

Realized

Unrealized

Realized

Unrealized

Derivatives not

Location of

Gain (Loss) on

Accounted for

Gain (Loss) on

Derivatives

as Hedging

Derivatives Recognized

Recognized in

Instruments

in Income

Income

Futures – Commodity Contracts

Realized gain (loss) on closed positions

(4,399,140)

2,468,510

Change in unrealized gain (loss) on open positions

3,758,409

(260,470)